Coinbase recently announced that residents of Hawaii can now buy, sell, and manage cryptocurrencies through its platform, as well as engage in asset staking and international fund transfers. This move is a result of regulatory changes made by the Department of Financial Institutions (DFI) in Hawaii, providing clearer guidance for cryptocurrency companies. According to data from "The Block," Coinbase's cryptocurrency trading volume in July 2023 approached nearly $64 billion.

Previously, Coinbase had exited the Hawaii market in 2017 due to regulatory policies at the time that required the company to maintain a one-to-one cash reserve for the Bitcoin it held, making it "impossible" to continue operating in the state.

However, three years later, the Hawaii Division of Financial Institutions (DFI) and the Hawaii Technology Development Corporation (HTDC) collaborated to launch the "Hawaii Digital Currency Innovation Lab" (DCIL), a regulatory sandbox program. In this program, 12 companies including Gemini, Robinhood, and BlockFi were able to provide cryptocurrency services in Hawaii for a period of two years without obtaining a state-level money transmitter license.

Although the "Hawaii Digital Currency Innovation Lab" concluded on June 30, 2024, cryptocurrency companies can continue to operate in Hawaii as unregulated entities. However, these companies will be responsible for complying with any applicable federal licensing or registration requirements, including those related to consumer protection, anti-money laundering measures, and others. This means that these companies must operate in compliance with federal regulations when conducting digital currency transactions.

I. Compliance at the U.S. Level

According to Aiying, Coinbase's compliance in the United States is comprehensive, and it holds various key licenses, allowing it to operate legally at the state and federal levels. The following are Coinbase's current major compliance situations and licenses in the United States:

1. Money Transmitter Licenses (MTL): Coinbase holds money transmitter licenses in most states in the U.S. These licenses cover cash balances and transfers in U.S. dollars, and in some states, also apply to cryptocurrency balances and transfers, such as in New York (requiring BitLicense, which also applies to cryptocurrencies), Washington, Connecticut, and Minnesota. However, some states do not require money transmitter licenses for cryptocurrency businesses, such as Texas and Montana.
2. Money Services Business (MSB) Registration: Coinbase is registered as a "Money Services Business" with the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury, which means it must comply with various financial services and consumer protection laws, including the Bank Secrecy Act and the USA PATRIOT Act.
3. BitLicense: Coinbase is one of the earliest companies to receive a BitLicense from the New York State Department of Financial Services (NYDFS). This license allows it to legally operate cryptocurrency businesses in New York State.
4. Commodity Futures Trading Commission (CFTC): Coinbase recently obtained approval from the Commodity Futures Trading Commission (CFTC) to provide federally regulated cryptocurrency futures trading to eligible customers in the U.S.

II. Global Compliance Efforts

According to Aiying, in addition to the United States, Coinbase has taken multiple compliance measures globally and obtained several key licenses to ensure its legal operation in different jurisdictions. The following are Coinbase's compliance situations and licenses in major global markets:

1. United Kingdom:

• Coinbase is authorized by the Financial Conduct Authority (FCA) in the UK to issue electronic money under the Electronic Money Regulations 2011 and provide payment services. This means Coinbase can legally provide various financial services, including cryptocurrency trading, in the UK. Refer to "2023 UK Crypto Asset New Measures: New Framework and Its Impact" for more information.

2. European Union:

• Registered as an electronic money institution in Ireland and regulated by the Central Bank of Ireland. Through this registration, Coinbase can provide cryptocurrency trading and related services throughout the EU. The registration in Ireland also ensures Coinbase's operations in the EU comply with the requirements of the Fifth Anti-Money Laundering Directive (5AMLD).
• Obtained a license from the Federal Financial Supervisory Authority (BaFin) in Germany, allowing it to legally provide cryptocurrency trading and custody services in Germany. BaFin is the main financial regulatory authority in Germany, responsible for supervising banks, financial services providers, insurance companies, and cryptocurrency businesses.
• Obtained approval from the French Financial Markets Authority (AMF) to provide digital asset services in France. This includes cryptocurrency trading, custody, and payment services. AMF is the main financial regulatory authority in France, responsible for supervising and regulating financial markets and their participants.
• Registered as a cryptocurrency service provider in Italy and obtained approval from the country's financial regulatory authority. Italy's compliance requirements include anti-money laundering (AML) and customer identity verification (KYC) measures.
• Through registration with the De Nederlandsche Bank (DNB), Coinbase obtained permission to operate in the Netherlands. This allows Coinbase to provide cryptocurrency trading and custody services and comply with the Netherlands' strict financial regulatory requirements.
• Passed the review of the local financial regulatory authority in Spain and obtained permission to operate legally in the Spanish market. Spain's regulatory framework requires cryptocurrency service providers to comply with anti-money laundering and data protection regulations.

With the "Markets in Crypto-Assets Regulation" (MiCA) set to take effect on June 30, 2024, member countries are adjusting their regulations and regulatory frameworks to comply with MiCA standards. Some countries have already begun training regulatory personnel for the implementation of MiCA and establishing technical infrastructure to support the enforcement of the new regulations. The regulatory standards for the crypto industry in the European market will tend to be unified, reducing the current high compliance costs for many Wed3 institutions.

3. Singapore:

• Coinbase is regulated by the Monetary Authority of Singapore (MAS) in Singapore and has applied for a license under the Payment Services Act, allowing it to legally provide payment services, including cryptocurrency trading, in Singapore. Refer to "Comprehensive Interpretation of Singapore's Payment Business Regulatory Framework and DPT License Requirements" for more information.

4. Japan:

• Coinbase obtained a license from the Financial Services Agency (FSA) in Japan to provide cryptocurrency trading services. This is due to Japan's strict regulation of cryptocurrencies, and obtaining this license means Coinbase's operations in this market are fully compliant.

5. Australia:

• Coinbase is registered as a digital currency exchange service provider in Australia and is regulated by the Australian Transaction Reports and Analysis Centre (AUSTRAC). This registration allows it to legally provide cryptocurrency exchange and other related services in Australia.

References:

https://www.coinbase.com/en-gb/blog/coinbases-global-expansion-leading-the-compliant-international-charge-into

https://cca.hawaii.gov/dfi/news-releases/release-hawaii-digital-currency-innovation-lab-to-conclude/

https://www.htdc.org/state-of-hawaiis-digital-currency-innovation-lab-extended-to-june-30-2024/

https://cca.hawaii.gov/dfi24/digital-currency-innovation-lab/

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